Orton has never had a title reign where he displayed dominance, his titles reigns have all played second fiddle to the main stories at the time.
Jack Swagger, Dolph Ziggler and The Miz are former world champions yet are barely worth their mid card spot they hold.
WWE simply doesn't know how to book.
Austin was proof that if Vince would have had his way Austin would have been the ringmaster and gone as quick as he arrived. Austin made himself a star to then force their hand at booking him well but WWE sure as hell loves making hurdles.
I'm pretty sure Orton's first three WWE title reigns were the main stories on the show. From 2007 until he dropped it to Triple H in 2008. And in 2009 where he first dropped it Batista, then got it back, and dropped it to Cena. So that's not true. He had a good run. He's a heel though, so I'm not sure why you expect him to display dominance.
Swagger and Ziggler are both terrible, so they never should have been champions. A symptom of this roster being so worthless that they were throwing the titles on whoever as their bigger stars slowly left. And The Miz, while he did as good as he could've at the time, never should've held the title either. You can't turn crap into gold. Booking can only enhance what's there, and WWE really didn't have much there after 2010.
WWE's booking is pretty terrible these days, and I don't disagree with that, but Punk being in the mid-card is probably thanks to the fact that he simply wasn't big enough to rise above it. He was a champion amongst a bunch of mid-carders, so that's where he ended up. But then, part of the reason why he ever managed to get that big in the first place is because those were the same people who were his competition.